Bank of India Personal Loan of Rs. 10 Lakh

If you require a 10 Lakhs personal loan, the Bank of India might be an ideal option. Whether you are looking forward to making a down payment on your new home, a luxury car, or a trip abroad, with Bank of India’s competitive interest rates and longer repayment tenure, you can avail yourself of a 10 Lakhs personal loan without any worries. Plus, you might be eligible for extra benefits with a salary account with the Bank of India. And for differently-abled customers, there are no processing charges. Enjoy financial flexibility and ease with a 10 Lakhs personal loan from the Bank of India.

Eligibility For 10 Lakh Bank of India Personal Loan

To be eligible for the Bank of India 10 lakh personal loan, the applicants need to meet the following criteria:

The individual must be a salaried or a self-employed professional and a resident of India with a regular source of income. A decent credit score must ensure mutual trust between the applicant and the bank. The maximum age should not exceed 70 at the time of final repayment.

Documents Required For Bank of India 10 Lakh Personal Loan

The applicant must carry the following documents to ensure a hassle-free Bank of India 10 lakh personal loan application:

The applicant can carry an Aadhar card, a PAN card, a Driving License or a Voter ID Card as proof of identity. To verify the applicant’s address, the bank can ask for residential proof that can be verified from an Aadhar card, PAN Card, Electricity Bill, Telephone Bill or Latest Piped Gas Bill. A salaried individual must carry the latest 6-month salary slip and ITR form. A self-employed individual can carry the last 3 years’ ITR Form with CA-certified computation of Income, Profit & Loss, Balance Sheet and Capital Account statement.

Interest Rates & Fees Bank of India 10 Lakh Personal Loan

Following are the interest rates & applicable fees on the Bank of India 10 Lakh Personal Loan:

Repayment Options for Bank of India 10 Lakh Personal Loan

Following are the repayment options for the Bank of India 10 lakh personal loan:

• Standing Instruction (SI): Arrange for an automatic deduction from your Bank of India account to ensure your EMI is paid on time.
• Electronic Clearing Service (ECS): Authorise automatic debits from a non-Bank of India account using ECS.
• Draft/Cheque Deposit: Visit a Bank of India branch to deposit a cheque or draft for the EMI amount.

EMI For 10 Lakh Bank of India Loan

As per the applicable interest rate starting at 10.85% p.a. on the personal loan from the Bank of India, the following will be the EMI to pay paid on every month:

Applying For The Bank of India 10 Lakh Personal Loan

First, visit the official Urban Money website to apply for a Rs 10 lakh personal loan from the Bank of India. Navigate to the “Loan” section and select “Personal Loan,” which will direct you to a page displaying top lenders in India. Click the “Apply Now” button next to the “Bank of India” logo. Fill out the brief online form with your name, mobile number, and city. Enter the 6-digit OTP sent to your mobile phone and click “Submit.” An Urban Money loan specialist will then get in touch with you shortly.

Alternative Options To Consider for 10 Lakh Personal Loan

If you want to consider alternative options for a Rs 10 lakh loan, you can consider the following methods:

• Employer Loans: Some companies offer personal loans to their employees at lower interest rates as part of their employee benefits. Check with your HR department to see if this option is available.
• Loan Against Securities or Assets: If you have investments like stocks, mutual funds, or fixed deposits, you can use them as collateral to get a loan. This option might have lower interest rates than regular personal loans.
• Credit Card Loans: Some credit cards allow you to take out loans against your credit limit. While this can be convenient, the interest rates are often higher. It’s important to compare the total cost with other loan options.
• Family and Friends: Borrowing money from family or friends is an option, but it’s important to have clear terms to avoid misunderstandings and conflicts.